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Reckon/Quickbooks – Customer Payments entered incorrectly

Client rang, who has taken over as the volunteer treasurer for a local club.

While working on the books he discovered that the previous treasurer had been entering the payments from the members, but not entering them into the program.

How can I give the members credit for past payments without altering the books?

Answer – Usually - you invoice your members, you match the payment on the bank statement to the invoice via receive payments, but if no invoices have been created and issued, you can still create an invoice and then use receive payments when the payment is received. If you don’t invoice your members, you just use a sales receipt which will deposit to the bank at the same time.

In both cases, you may want to consider depositing the payments to undeposited funds so that when you find deposits you can select the payments in the deposit. That way your deposits in Reckon will match the deposits on your bank statement. And the undeposited funds account will keep a record of any missed, but should clear out back to zero.

To fix what HASN’T been done – this will not be easy – but past invoices could be raised, and payments applied, but use a separate pretend bank account – the problem is – this will raise sales again, so the “extra sales will need to be reversed – talk to the tax agent to discuss the best way to do this.

Otherwise, create a separate company file and use that to raise past invoices and accounts, and start invoicing in the current file NOWso the correct records begin for you ASAP!